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1. What is a current liability? From the perspective of a user of financial statements, why do you believe current liabilities are separated from long-term liabilities? Based on your current experience as well as any additional research you may have done, provide two examples of situations where businesses collect monies from customers and employees and report these amounts as a current liability.
2. A client comes to you thinking about starting a consulting business. Your client is specifically interested in what type of entity should be created for this new business. Based on your readings, or any additional research you may have done, discuss the advantages and disadvantages of the following: sole proprietorship, partnership, and corporation. Based on these advantages and disadvantages, provide a clear recommendation to your client.
on january 2 20x7 brian rein invested 10000 in the stock market and purchased 500 shares of heartland development inc.
What will you tell your boss? should he recommed to the board of directors that Diversified put in a bid for Heavy Duty Tractors?
the company collected 1000 cash in advance from a customer for services to be rendered. subsequently the company
Discuss the steps involved in the development process. Include a summary of the advantages and disadvantages of the different types of databases that are used in accounting systems.
Show the effects of the events on the financial statements using a horizontal statements model like the following one.
They had no unrecognized prior service cost, no unrecognized gains or losses, and no balance sheet accruals relating to pension assets or liabilties. The company uses a discount rate of 10% in determining the PBO and has an expected rate of return..
the office supplies account started the year with a 3025 balance. during 2011 the company purchased supplies for 12493
Medical laboratories. Inc. produces an antibiotic product in its three producing departments. The following quantitative and cost data have been made available.
Tender offers can be either hostile or friendly
Gains and losses on the purchase and resale of treasury stock may be reflected only in:
Aspen Company manufactures, markets, and sells ATV and snowmobile equipment and accessories. The average total assets for Aspen is $2,000,000.
Compute the balance in your margin account at the end of each of the four trading days, and compute your total profit or loss at the end of the trading period.
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